Changes in Regulation Allow for Extension of Acquisition Fee Payment Period for Tourism Islands

The Ministry of Tourism, on 4 March 2018 published the 2nd Amendment to Regulation Number 2016/R-69 (Submission of Proposals for Leasing Islands, Plots of Land and Lagoons for Tourism Purposes) effectively granting an extension of the acquisition fee payment period.

The amendment now allows a party, that is required to pay the acquisition fee as per the Regulation, to request for an extension on the payment of that fee. Such party is required to submit a written request with the Ministry for the extension before the initial payment period expires and, pay a fee of USD 1,000.

Each extension that is granted will be up to a maximum of 45 days.